Last April, USV joined the Venture Climate Alliance (VCA), a group of venture capital firms committed to achieving a rapid transition to net zero greenhouse gas emissions. The VCA is a sector-specific alliance of the Glasgow Financial Alliance for Net Zero (GFANZ) and has been approved by the UN Race to Zero. Since the launch, the VCA has grown to include more than 80 venture capital firms.
The members of the VCA have committed to measure and reduce their operational emissions and offset their residual emissions. USV has begun the process of purchasing carbon offsets from several of our portfolio companies, including Wren, Mombak, Lithos Carbon, and Toucan.
We believe the climate crisis is real and encourage everyone in the tech ecosystem to do what they can to reduce our industry’s carbon footprint. That said, each of our portfolio companies will need to chart their own course to net zero. To that end, we have worked with the VCA to develop a framework that startups in our portfolios may use to begin working toward that goal.
The framework, summarized below, is intended to offer a roadmap for young companies that would like to work toward net zero. It recognizes that the youngest companies will have fewer resources to dedicate to this goal and suggests pragmatic first steps that could help those companies develop a culture of environmental responsibility and allow them to capture some easy wins.
We are acutely aware of the many challenges that face young companies. We are committed to reducing that burden wherever we can. That said, we believe it is important to do what we can as a firm to move toward net zero, and to help those portfolio companies that share that belief to develop a plan, identify easy wins, and start down that road. We hope the Venture Climate Alliance can be a clearinghouse for ideas and a resource for venture firms and their portfolio companies that are committed to putting their shoulder to the wheel to address the climate crisis.
